TI1.L Regulatory News (TI1)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Trian Investors 1 Ltd

213800UQPHIQI5SPNG39

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

Legal & General Group Plc (Group)

Legal & General Investment Management

(Holdings) Limited

City and country of registered office (if applicable)

1 Coleman St, London EC2R 5AA

4. Full name of shareholder(s) (if different from 3.)v

Name

Legal & General Assurance (Pensions

Management) Ltd

City and country of registered office (if applicable)

1 Coleman St, London EC2R 5AA

5. Date on which the threshold was crossed or reachedvi:

09 January 2020

6. Date on which issuer notified (DD/MM/YYYY):

13 January 2020

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

Below 3% (L&G)

-

Below 3% (L&G)

270,585,977

Position of previous notification (if

applicable)

3.30% (L&G)

-

3.30% (L&G)

Resulting situation on the date on which threshold was crossed or reached

Below 5% (LGIM)

-

Below 5% (LGIM)

270,585,977

Position of previous notification (if

applicable)

5.74% (LGIM)

-

5.74% (LGIM)

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

ORD NPV

(L&G)

Below 3%

-

Below 3%

-

ORD NPV

(LGIM)

-

Below 5%

-

Below 5%

SUBTOTAL 8. A

Below 5%

Below 5%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expirationdatex

Exercise/Conversion Periodxi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expirationdatex

Exercise/Conversion Period xi

Physical or cash

settlementxii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

x

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Legal & General Group (Direct/Indirect)

Below 5%

Below 5%

Legal & General Investment Management (Holdings) Limited

(Direct/Indirect)

Below 5%

Below 5%

Legal & General Group (Direct)

Below 3%

Below 3%

Legal & General Assurance Society (Direct)

Below 3%

Below 3%

Legal & General Group (Direct/Indirect)

Below 5%

Below 5%

Legal & General Investment Management (Holdings) Limited

(Direct/Indirect)

Below 5%

Below 5%

Legal & General Group (Direct)

Below 3%

Below 3%

Legal & General Assurance (Pensions Management) Limited

(Direct)

Below 3%

Below 3%

Legal & General Group (Direct/Indirect)

Below 5%

Below 5%

Legal & General Investment Management (Holdings) Limited

(Direct/Indirect)

Below 5%

Below 5%

Legal & General Investment Management Limited (Indirect)

Below 5%

Below 5%

Legal & General Group (Direct/Indirect)

Below 5%

Below 5%

Legal & General Investment Management (Holdings) Limited

(Direct/Indirect)

Below 5%

Below 5%

Legal & General (Unit Trust Managers) Limited (Indirect)

Below 5%

Below 5%

Legal & General Group (Direct/Indirect)

Below 5%

Below 5%

Legal & General Investment Management (Holdings) Limited

(Direct/Indirect)

Below 5%

Below 5%

Go ETF Solutions

Below 5%

Below 5%

10. In case of proxy voting, please identify:

Name of the proxy holder

N/A

The number and % of voting rights held

N/A

The date until which the voting rights will be held

N/A

11. Additional informationxvi

Notification using the total voting rights figure of 270,585,977

Place of completion

Brunel House, 2 Fitzalan Road, Cardiff, CF24 0EB

Date of completion

13/01/2020